Daimler forges closer ties with BAIC

Daimler takes an $820 million stake in China’s BAIC Motor ahead of a future IPO.

Daimler has changed the structure of its strategic partnership with Beijing Automotive Group BAIC ahead of an expected initial public offering of its passenger-car unit.

According to a person familiar with the deal, which was agreed on February 1, Daimler is going to invest Rmb5.13 billion $820 million for a 12% stake in BAIC Motor. It is the first time that a non-Chinese car company has taken a stake in a Chinese original equipment manufacturer....